I was planning on making a new hammock almost exactly this way (instead of squeezing the channel ends real tight, they're left to "float" in a loose loop, replicating the "arch" of the mini-spreader bar).
My plan is to make a continuous loop, then run it through the channel, then lark's head my whoopie to the two loops. (instead of your whoopie hook) How long is your loop?
I think yours looks great! Thanks for posting, DT!